The Stellar Development Foundation submitted a supplemental comment letter to FinCEN opposing proposed cryptocurrency transaction reporting rules, arguing they're unsuited for blockchain and could harm financial inclusion.
The Stellar Development Foundation (SDF) submitted a supplemental comment letter to the Financial Crimes Enforcement Network (FinCEN) regarding proposed rulemaking on convertible virtual currency transactions. Building on earlier advocacy with industry partners like the Blockchain Association and Chamber of Digital Commerce, SDF argues the NPRM applies outdated centralized financial frameworks to blockchain technology. Key concerns include: FinCEN should suspend action pending completion of Anti-Money Laundering Act studies, evaluate impacts on marginalized communities from de-risking, and replace reporting requirements with calibrated recordkeeping. SDF emphasizes that blockchain regulation requires new approaches tailored to the technology's unique characteristics rather than retrofitting existing intermediary-based rules.
